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How Often Should You Check Your Credit Report?

Why Is A Good Credit Score Helpful?

What Kind Of Information Will Your Credit Report Contain?

What Can You Do If Your Credit Report Is Wrong?

How You Can Raise Your Credit Score If It’s Low

 

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How Often Should You Check Your Credit Report?

As the old adage goes, “knowledge is power.” For consumers, that knowledge should include a full understanding of their credit report, the score attached to it and how that information is used.

Consumers who know how their credit history affects their everyday living possess a valuable tool. The list of agencies that can use your credit report to determine if they wish to do business with you is endless: landlords, credit card companies, insurance providers, cell phone companies and utilities. Not paying bills on time – or at all – can have negative repercussions on your credit history, causing damage that is not easily undone.

From the very first bank account you’ve ever had, to all of the credit cards you hold, a person’s credit history is a complete synopsis of how you have managed your finances over the course of your life. Whether the history is good or bad, it is prominently displayed within the pages of your financial documentation, otherwise known as your credit report. Financial brokers, credit card companies, financial institutions and even employers can use the information to their benefit and your detriment.

All credit reports contain a three-digit number called a credit score. It ranges from 300 to 850. The higher the number, the more financially secure the individual. Credit scores are generated through a mathematical algorithm that pulls data from a consumer’s credit report and processes it into one handy rating.

So how often should you check your credit report? At a minimum, once annually is recommended, although 3 times or more is ideal.

Thanks to the Fair Credit Reporting Act, all consumers now are permitted to receive one free credit report yearly. There are three credit reporting agencies which track the financial histories of U.S. residents: Equifax, Experian and TransUnion. While it is possible to order reports from all three agencies at once, some consumer experts recommended ordering one from each agency about four months apart. That way, consumers are able to view their report three times a year for free rather than just once.

Another opportune time to check your credit report is prior to any attempt to secure a loan for a large expense, such as a home or a vehicle. Knowing your current standing, and being able to find and correct any discrepancies in your report prior to applying, can help you to receive a more competitive interest rate. If a consumer discovers discrepancies in their credit report, they have the option of disputing them directly through the credit reporting bureau. Each credit reporting agency provides information on their respective websites on how to file a dispute.

If you’ve ever been denied credit – such as opening a new credit card account or taking out a loan – it is best to check your credit report. Inaccurate information may be contained within your credit report which is preventing you from getting credit.

The final and perhaps most important time to check your credit report is if you suspect you are the victim of identity theft. Your credit report will contain any fraudulent accounts opened using your personal information and may be a useful tool for law enforcement to track down the person who has committed the financial fraud. You also will need to be able to list all of the accounts which were not legitimately opened by you in order to have those accounts flagged and removed. If you find errors on your credit report, TopConsumerReviews.com has reviewed and ranked the best credit repair services available today.

Credit freezes don't stop you from being able to get a free credit report: Money Matters

Q: After the Equifax breach in September, I froze my credit reports with all four of the credit agencies. Today, I decided to get my free credit report so I went to the free credit report site, entered the requested info, and chose Equifax. I used ...

Published:  Wed, 15 Nov 2017 01:22:00 GMT



Household Debt And Credit Report: Up $116B In Q3, Another Peak

The latest household debt for Q3 2017 was up 0.9% from Q2 and currently at $12.96T and currently at its peak. Here is an excerpt from the latest press release: As a result of the housing and mortgage crisis of the Great Recession, economists have been ...

Published:  Wed, 15 Nov 2017 23:30:00 GMT



Best Car To Buy 2018; Tesla Semi, Roadster; VW e-Golf driven; electric-car tax credit: The Week in Reverse

Which vehicle did we name our Green Car Reports Best Car To Buy 2018 ... The U.S. House of Representatives "tax reform" plan kills the federal income-tax credit for buying an electric car, but the later Senate version of the tax-reform bill keeps it ...

Published:  Sat, 18 Nov 2017 00:00:00 GMT



AFBC Encourages Consumers to Check on Their Credit Report and Student Loan Accounts

Emeryville, CA, November 14, 2017 (Newswire.com) - A credit report is like a report card in the world of debt. It's important to not only stay current with debt, but also make sure that the "report card" reflects true performance. However, sometimes ...

Published:  Tue, 14 Nov 2017 12:00:00 GMT



Lloyds' Avios Reward credit cardholders report fraudulent activity

Thousands of Lloyds Avios Rewards American Express credit card customers have been targeted by fraudsters, the bank has admitted. Reports first emerged on air miles site Head for Points, where readers asked if the credit card had suffered a major data breach.

Published:  Sun, 19 Nov 2017 18:15:00 GMT



New report shows that half of the world's wealth is owned by the richest 1 percent

A new report by financial giant Credit Suisse shows that the world's super-rich have accumulated more than half the world's wealth, while the 3.5 billion poorest in the world account for just 2.7 percent. Since the financial crisis, the report states ...

Published:  Sun, 19 Nov 2017 03:49:00 GMT



How to Read Your Free Credit Report

This content is made possible by our sponsor; the views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. A key step to understanding your creditworthiness is knowing what's in ...

Published:  Wed, 08 Nov 2017 02:37:00 GMT



Credit Suisse report finds richest 1% now own half the world's wealth

The richest 1% own half the world's wealth, according to Credit Suisse's global wealth report. Credit Suisse also found that this past year's growth created a slew of new millionaires-2.3 million of them, with half living in the United States.

Published:  Tue, 14 Nov 2017 00:00:00 GMT



Credit checker Experian reports 6 pct rise in H1 operating profit

Nov 15 (Reuters) - Experian Plc, the world's biggest credit data company, reported a 6 percent rise in first-half operating profit, driven by growth across its operations. The FTSE 100 company, which is best known for running consumer credit checks for ...

Published:  Thu, 16 Nov 2017 00:46:00 GMT



Credit and Credit Reports Class

Piedmont Housing Alliance's HUD approved Housing Counseling staff members provide community classes to help you better understand your monthly spending habits, your income, credit report and how to save. Each class focuses on a different aspect of ...

Published:  Tue, 14 Nov 2017 00:53:00 GMT



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